Green Building Developments in SA Could Impact Insurance Premiums
Green Buildings are a relatively new environmental concept. As such, the risks from an insurance point of view remain somewhat undefined – however, insurers and intermediaries are urged to familiarize themselves with the industry and the potential risks associated with this new dimension in the South African Construction Industry.
Green building, also known as ‘Green Construction’ or ‘Sustainable Building’- as with many new developments, has a number of pro’s and con’s that should be kept top of mind when it comes to analysing the insurance implications.
The onset of the Green Building revolution will also mean that new products and building materials will be developed and designed in order to be eco-friendly as well as aesthetically acceptable. While it is clear that the Green Building concept will have drastic and positive influences on the environment, it is also likely to have far-reaching effects on the short-term Insurance industry.